Bitcoin’s Choppy Session Continues – $23,000 to Underpin BTC - Forex News by FX Leaders
Bitcoin’s Choppy Session Continues - $23,000 to Underpin BTC

Bitcoin’s Choppy Session Continues – $23,000 to Underpin BTC

Posted Thursday, August 18, 2022 by
Skerdian Meta • 2 min read

Bitcoin fell below the $23,650 support level against the US dollar. To avoid further losses in the near future, BTC must remain above $23,200. BITCOIN remained bearish, trading below the $23,650 support level. The price currently trades below the $23,650 level and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a connecting negative trend line is forming with resistance near $24,000. If there is a definite move below the $23,200 support in the short term, the pair’s losses could be extended.

Bitcoin’s Value Continues to Fall

Bitcoin’s price has failed to maintain a bullish trend above $24,000. Instead, BTC began another slide, trading below the $23,650 support level.

The price dropped sharply below the $23,500 barrier and the 100 hourly simple moving average. Finally, support was found near the $23,200 level. A bottom near $23,193 was formed, and the price is now consolidating losses.

Bitcoin is trading below the $23,650 mark and the 100 hourly simple moving average. On the upside, an immediate resistance level is near $23,500, around the 23.6% Fib retracement level of the latest slide from the swing high of $24,438 to the low of $23,193.

The first significant obstacle on the upside is located near the $23,800 level. It is close to the recent slide’s 50% Fib retracement level from the swing high of $24,438 to the low of $23,193.

The primary resistance is near $24,000 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a connecting negative trend line is forming with resistance near $24,000. A closure above the $23,800 and $24,000 resistance levels could signal the start of another uptrend.

The price may rise to the $24,500 resistance level in this scenario. Any further gains could push the price up to the $25,000 mark.

More Bitcoin Losses?

If bitcoin fails to break over the $24,000 barrier level, it may continue to fall. On the downside, there is immediate support near the $23,320 level.

The next big support is now at $23,200. A break and closing below the $23,200 level could trigger another fall. In the aforementioned scenario, the price may fall to $22,750. Good luck!

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